Fish Prices Cut To MVR 20/kg, Fisheries Minister Reveals
The price of fish will be cut to MVR 20 per kilogram, Minister of Fisheries and Ocean Resources Ahmed Shiyam told the parliament today.
Replying to a question posed in parliament today by MP for Dhaandhoo constituency and Maldivian Democratic Party member Yaugoob Abdullah, Minister Shiyam said the state has decided to reduce the price of fish to prevent MIFCO from going bankrupt.
advertisement
advertisement
advertisement
During the last presidential election campaign, the government of former President Ibrahim Mohamed Solih raised the price of fish to MVR 25; the price prior to the increment was MVR 17 per kilogram.
Minister Shiyam stated the previous MDP government had increased the price of fish for political purposes, without any research.
The government had decided to bring the change prior to the start of the second round of voting in the presidential elections, he said.
Highlighting that the price of fish in the export market is MVR 22.40/ kg, the minister argued that it was not logical to purchase fish at MVR 25/kg.
If the state continued to purchase fish at the price set by the previous government, MVR 1.1 billion in subsidies would have to be spent from this year’s budget, he added.
MVR 250 million had been allocated for subsidies last year, but the price hike increased the required amount to MVR 500 million in the last three months of 2023, according to the minister.
Former President Solih had raised the purchase price of fish to MVR 25 in mid-September last year, following the initial round of the presidential election. This move came amidst a wave of campaign promises from various candidates, particularly focusing on addressing the concerns of the fishing community.
During the campaign period, pledges were made by different candidates regarding the purchase price of fish. The Jumhoory Party (JP) candidate vowed to raise the price to MVR 26, while the Democrats’ Ilyas Labeeb committed to maintaining it at MVR 25/kg. President Mohammed Muizzu, who emerged victorious in the subsequent round of elections, had pledged to ensure that the price would not drop below MVR 20/kg.
These promises have sparked apprehension among fishermen’s associations, who advocate for a fixed purchase price rather than one determined by market fluctuations.
